Hi - I'm wondering if having a Cease & Desist letter on file with the Collections dept. for a charged off credit card (from NFCU) can in any way negatively impact the account dropping off after 7 years? Or in general, if there is any negative impact whatsoever from having a C&D on file with a bad debt? The account is not paid off, yet.
@IOBA wrote:I don't think it does.
But keep in mind, Navy has a black list. If you owe them, they will not "like" you for ever and a year.
If you plan to pay them, then set up a payment plan. Most creditors will happily recieve some amount of payment each month (or every two weeks) to show good faith. If you can send them ten dollars, send them ten dollars every payday.
Hi, thanks for the reply. I didn't know that Navy had a blacklist. So from what you know, even if I PIF'd them would I be on their doodoo list forever? Or you just mean if I *don't* pay them?
Also if I *did* set up a payment plan with them... wouldn't that reset the 7-year clock? Also, on a 40k debt if I sent them $10... would they be legally able to keep me in perpetual debt, by continuously adding interest on the whole balance? Or are they obligated to stop increasing the whole balance because it's been charged off already?